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Understand impact
Ed Fertik
Philmont
It's important for your readers to understand the full impact of the Hudson Terrace renovation project. The tenants living there have federally subsidized rent through the U.S. Department of HUD and they pay only 30 percent of their income for rent. Therefore if a tenant is earning $1,000 per month for example, their rent would be about $300. Since the rent they pay would not increase under this plan, they would be living in a beautiful newly renovated building near the waterfront and paying very little to do so. The new owner, Evergreen Partners, would get the rents increased as pointed out in your article to the fair market value of the renovated apartments. The very substantial difference between what the tenant pays and the full actual rent, would be paid through the federal Section 8 program to Evergreen Partners.
In simple terms, the tenants who may not even be employed, will have a great deal. The owner will make a lot of money, but your readers and other taxpayers will take the full hit. The hard working homeowners in our area, some with very modest incomes, struggling to pay the mortgage and the fuel bill, should be justly upset they will be paying for the new luxurious accommodations on the waterfront while getting no break themselves from the government.
Philmont
It's important for your readers to understand the full impact of the Hudson Terrace renovation project. The tenants living there have federally subsidized rent through the U.S. Department of HUD and they pay only 30 percent of their income for rent. Therefore if a tenant is earning $1,000 per month for example, their rent would be about $300. Since the rent they pay would not increase under this plan, they would be living in a beautiful newly renovated building near the waterfront and paying very little to do so. The new owner, Evergreen Partners, would get the rents increased as pointed out in your article to the fair market value of the renovated apartments. The very substantial difference between what the tenant pays and the full actual rent, would be paid through the federal Section 8 program to Evergreen Partners.
In simple terms, the tenants who may not even be employed, will have a great deal. The owner will make a lot of money, but your readers and other taxpayers will take the full hit. The hard working homeowners in our area, some with very modest incomes, struggling to pay the mortgage and the fuel bill, should be justly upset they will be paying for the new luxurious accommodations on the waterfront while getting no break themselves from the government.
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